Camber Energy Eyes Acquisition of Pipeline Service and Construction Company
Camber Energy, an independent oil and gas company based in Houston, announced the execution of a revised nonbinding Letter of Intent related to its previously announced plan to acquire a midstream pipeline integrity services, specialty construction, and field services company in an all-stock transaction.
Camber’s Interim CEO Louis G. Schott said in a statement, ''We have revised the Letter of Intent based on discussions with the NYSE American. This positions both parties towards a planned closing in the next four to five weeks. Our team made a successful diligence trip this week to meet with the acquisition company’s management.”
“We are very enthusiastic about the acquisition and its potential for growth. If closed, this transaction will enable the company to leverage its available cash reserves and build shareholder value through a change in business focus to pipeline service and construction. With our planned partner, we anticipate substantial opportunities to leverage growth in the markets the pending acquisition is targeting. In fact, we are currently reviewing several acquisition targets to further grow the business,” he said.
The companies contemplate entering into a definitive agreement on or before 7 May.
The transaction will result in the shareholders of the acquired entity obtaining voting control over Camber Energy. Camber Energy plans to pursue additional acquisitions in connection with this potential transaction.
A New Offshore Investment Cycle Is in the Making
The amount of oil and gas resources approved for development last year surpassed 20 billion BOE, the highest level seen since 2011. Telltale signs have emerged that we are entering a new offshore investment cycle.
TC Energy Plans To Move Equipment for Keystone XL Preconstruction Work
TC Energy is planning to start mobilizing heavy construction equipment to worker campsites and pipeline storage sites in Montana, South Dakota, and Nebraska in February to start preconstruction work on the Keystone XL Pipeline.
Energy Companies Well Suited To Adapt to Industry 4.0
Industry 4.0, the latest industrial revolution, has hit the manufacturing sector, building upon the adoption of computers and automation into industrial processes. How well suited is the oil and gas industry to leverage the new autonomous systems that could emerge from this transformation?
Don't miss out on the latest technology delivered to your email every two weeks. Sign up for the OGF newsletter. If you are not logged in, you will receive a confirmation email that you will need to click on to confirm you want to receive the newsletter.
15 January 2020
08 January 2020
07 January 2020
09 January 2020